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Indonesia is where the supply growth is…
Estimated and projected Indonesian nickel production Annual changes in Indonesian nickel supply
1600 50%
1400 126 45% 275 225 219 260
225
110 40% 166
1200 55 85 35% 175 138 120 118 145
'000t finished nickel equivalent 800 313 20 1006 1091 1205 30% Indonesian share of world supply % '000t Ni -25
125
1000
75
25%
25
20%
600
-75
400 672 191 568 800 926 15% -125 -97
385 451 47 360 10%
200 92 105 169 181 261 5% -175
17 28 33 30 37 42 49 100 1 2 44 3 28 0 90 -225
0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 2025F -275
-325
PT Vale Aneka Tambang 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 2025F
All HPAL
Ore exports Share of world primary supply Matte FeNi NPI HPAL Ore Total
Source: Industry statistics, SMM, Antaike, , Macquarie Commodities Strategy, October 2020
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